The medical tubing market in Australia is a crucial component of the healthcare industry. Medical tubing finds widespread application in a variety of medical devices to transfer fluids and gases inside the human body. It is used in devices ranging from respiratory equipment, catheters and cannulas to dialysis machines and IV tubing sets. The demand for medical tubing has witnessed steady growth owing to the rising incidence of chronic diseases, growing geriatric population and increasing healthcare expenditure in Australia. Additionally, the growing demand for minimally invasive surgeries is propelling the need for advanced medical devices which incorporate sophisticated tubing systems.
Australia medical tubing market in Australia is estimated to be valued at US$ 599.47 Mn in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the Australia medical tubing market are Abbott, Dexcom, Inc., Medtronic, Senseonics, Inc., F. Hoffmann-La Roche Ltd., GLUCOVATION, INC., Nemaura Medical Inc., GlySens, GlucoModicum, and Signos, Inc. Abbott dominates the market with its wide range of glucose monitoring devices incorporated with micro tubing technology.
The key opportunities in the market include increasing application of IoT enabled smart medical tubing and development of 3D printed customized tubing. IoT enabled smart tubing can transmit real time data regarding fluid flow and system functioning.
Major players are exploring opportunities for global expansion in regions like Asia Pacific and Middle East & Africa through partnerships, M&A and facility expansion. For instance, Medtronic expanded its manufacturing plant in Malaysia to cater to the growing demand in the APAC region.
Market Drivers
Rising prevalence of chronic diseases- The increasing incidence of chronic diseases like cardiovascular diseases, cancer and diabetes is fueling the demand for advanced medical devices which incorporate precision medical tubing. As per Australian Institute of Health and Welfare, cardiovascular diseases are the leading cause of death in Australia representing 17% of total deaths in 2015.
Market Restrains
High cost of medical tubing- The research and development involved in developing sophisticated micro tubing technology incorporated in advanced medical devices makes it an expensive affair. The additional cost of biocompatibility testing and various certification processes further increases the cost of medical tubing.
Segment Analysis
Australia medical tubing market is dominated by polyvinyl chloride (PVC) sub segment. PVC accounts for around 60% of the total medical tubing market in Australia due to its widespread use in various medical devices such as catheters, IV set components, and fluid bags. PVC provides advantages such as durability, flexibility, wide availability, and suitable chemical resistance properties required for medical applications at affordable cost. Silicone tubing is the second most used sub segment accounting for 25% share. Silicone tubing is used where higher biocompatibility, long term use, and resistance to cracks are required.
Regional Analysis
The Australia medical tubing market is projected to grow at the fastest pace in Asia Pacific region during the forecast period. This is attributed to rising prevalence of chronic diseases and growing medical devices industry in Australia. According to studies, cardiovascular diseases, diabetes, and cancer are the major causes of mortality in Australia. This is expected to augment the demand for various medical devices and equipment which employ medical tubing such as dialysis machines, ventilators, and anesthesia machines in turn fueling the market growth. Moreover, key players are focusing on expanding their presence in this region by entering into partnerships with regional distributors to leverage growth opportunities.
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Author Bio:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. (LinkedIn: www.linkedin.com/in/alice-mutum-3b247b137 )
What Are The Key Data Covered In This Australia Medical Tubing Market Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Australia Medical Tubing Market's growth between 2024 and 2031.
:- Accurate calculation of the size of the Australia Medical Tubing Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Australia Medical Tubing Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Australia Medical Tubing Market vendors
FAQ’s
Q.1 What are the main factors influencing the Australia Medical Tubing Market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Australia Medical Tubing Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Australia Medical Tubing Market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
